CHICAGO, July 31, 2024 /PRNewswire/ --
The Small Satellite market is estimated
to be USD 5.2 billion in 2024 and is
projected to reach USD 11.2 billion
by 2029 at a CAGR of 16.6% from 2024 to 2029 according to a new
report by MarketsandMarkets™. Government agencies
worldwide are actively fostering the growth of the small satellite
industry through various targeted programs.
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Browse in-depth TOC on "Small Satellite
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250 – Tables
150 – Figures
400 – Pages
Small Satellite Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 5.2
billion
|
Estimated Value by
2029
|
$ 11.2
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 16.6%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Mass, Subsystem,
Orbit, Application, End Use, Frequency and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Concerns Over
Increasing Space Debris
|
Key Market
Opportunities
|
Increased Government
Investments in Space Agencies
|
Key Market
Drivers
|
Rising Demand for
Satellite Internet Services
|
For instance, NASA's CubeSat Launch Initiative provides
critical launch opportunities for educational and research
payloads, encouraging hands-on experience in satellite technology.
This surge is pushed with the aid of vast advancements in material
sciences and progressive satellite design, which includes the
adoption of light-weight composites and complex payload technology.
Additionally, the mixing of smart technologies into space
exploration is boosting market growth. The trends in data
processing, cost-ineffective production, and propulsion systems
also contribute to this development. These trends are making it
possible to place satellites into orbit more efficiently and
flexibly— thus meeting the increased demand for high-resolution
pictures, quality internet coverage, and advanced health research.
Also fostering investment and innovation and thereby contributing
to market growth are strategic partnerships between the public and
private sectors.
By Mass, the small segment is projected to grow at the
highest CAGR during the forecast period.
The small segment under small satellite market is
undergoing significant expansion, primarily fueled by technological
innovations in material engineering, ergonomic design, and digital
integration. These satellites usually weigh less than 1000 kg. The
market for small satellites is expanding rapidly thanks to
developments in downsizing and affordable launch options. These
satellites, with their reduced costs and faster development cycles,
are transforming many sectors, including Earth observation and
telecommunications. The primary factor driving the market's
expansion is the rising need for high-resolution Earth imaging and
broadband services, especially in distant areas. Furthermore,
government and commercial sector expenditures in space era
innovation are driving advancement and establishing small
satellites as essential tools for environmental monitoring and
global connection.
By Subsystem, the small satellite market for the payloads
segment is projected to grow at the highest CAGR during the
forecast period.
In small satellite applications, the payload element is a
vital sector, which is applied to many areas, such as
communication, scientific research, and etc. By carrying a
combination of advanced technologies and equipment, the payloads
can significantly improve the small satellite operational
capabilities and performance. With growing needs for more advanced
data collection, the payload sector is presenting a way to advance
small satellite technology. The need for satellites payloads with
high resolution imaging, sophisticated sensors for security
applications, and more robust environmental monitoring technologies
is enhancing. Such innovative technologies allow for increasingly
more accurate satellite-based data capturing and a more detailed
picture of the Earth. These capabilities are valuable to climate
studies and disaster management, urban planning, and national
security.
By End use, Commercial segment for the Small Satellite market
is projected to grow at the highest growth rate during the forecast
period.
The small satellite market's Commercial portion is evolving as
usage is driven predominantly by need for communication and earth
observation data. These small satellites offer a cost-effective way
to obtain critical information swiftly and, more often than not, at
a low cost. Growing this industry comes with improvements in
technology that lowers the cost of launching and building
satellites which are done globally; these efforts support the
growth of worldwide internet services considered vital by many
nations. Also contributing to this already expanding sector is the
increasing importance placed upon geospatial data by various
industries around the world. The growing value of geospatial
records in numerous industries together with agriculture,
insurance, and city improvement additionally boosts demand. These
tendencies, supported by using sturdy non-public region investment,
are broadening the scope and capacity of the commercial small
satellite market.
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North America holds the
highest growth rate in the region for the small satellite
market.
The US's robust space era area is driving a significant
expansion in the small satellite industry in North America. This region controls a big
portion of the global market with heavy investments and financial
assistance for space research and commercial endeavors. SpaceX and
Kuiper are the leading private companies that have taken part in
space research and satellite launch. They offer affordable
satellite services. On the other hand, governments are also fueling
the need for these satellites through policies focusing on national
security as well as communication infrastructure development. In
fact, emphasis on innovation and strategic alliance by this region
is driving developments in satellite generation with a view of
ensuring its global leadership status globally in the industry.
Key Players in the small satellite companies are based in
North America and Europe. SpaceX (US), Lockheed Martin
Corporation (US), Airbus Defense and Space (Germany), Northrop Grumman (US), L3Harris
Technologies, Inc. (US) are among a few leading players operating
in the small satellite market.
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